Omega Environmental Inc. v. Valley Bank, N.A.
United States Court of Appeals for the Ninth Circuit
219 F.3d 984 (2000)
- Written by Carolyn Strutton, JD
Facts
Valley Bank (creditor) had possession of a certificate of deposit (CD) that the bank issued to Omega Environmental, Inc. (debtor). When Omega filed for bankruptcy, the bank asserted that it was entitled to relief from the automatic stay because the CD was an instrument. The bank also argued claims in instruments could be perfected through possession and it had therefore perfected its claim in the CD through possession prior to the bankruptcy. Omega asserted that the claim was not perfected because the CD was not an instrument but rather a type of collateral that could not be perfected through possession. The bankruptcy court and the district court held the CD was an instrument and Valley Bank was entitled to relief from the automatic stay. Omega appealed.
Rule of Law
Issue
Holding and Reasoning (Per Curiam)
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